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BanRep Unchanged At 13.25%, As Expected

  • The Colombian central bank unanimously decided to keep the overnight rate unchanged at 13.25%. The committee reiterated that the decision remains compatible with the objective to return inflation to the 3% target and that future decisions will remain dependent on forthcoming data.
  • On inflation, the statement highlighted that progress continues to be made in controlling inflation, which is reflected in improving expectations. However, “headline inflation remains high relative to the target, and rigidities in core inflation persist”.
  • The board acknowledged the underwhelming data since the last meeting, which suggests that the slowdown in economic activity during Q2 would have been greater than expected, however, the labour market has continued to perform well.
  • Full statement here.
  • The central bank will release the quarterly Monetary Policy Report on Wednesday, and the minutes for this meeting the following day. It is expected that BanRep’s technical staff will update their forecasts for headline & core inflation, GDP, the output gap and the current account over the relevant horizon for monetary policy.

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